#1LILIUM Analyst Presentation 15 June 2021#2Legal disclaimer In connection with the proposed business combination and related transactions (the "Proposed Transaction"), Lilium GmbH ("Lilium" or the "Company"), Qell Acquisition Corp. ("Qell") and Lilium B.V. (which will convert into Lilium N.V., a public company under Dutch law, before completion of the Proposed Transaction), the holding company that will acquire Lilium and Qell ("New Lilium") (collectively referred to herein as the "Lilium Group"), New Lilium has filed a registration statement on Form F-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement includes preliminary proxy materials that will be distributed to Qell's shareholders in connection with its solicitation for voting proxies in respect of the proposed business combination and other matters described in the Registration Statement, as well as a prospectus relating to the offer of New Lilium's securities to be issued in the Proposed Transaction. Investors, shareholders and other interested parties are advised to read the Registration Statement (and all amendments thereto) as well as other documents filed with the SEC in connection with the Proposed Transaction, because these documents will contain important information about the Lilium Group and the Proposed Transaction. The definitive proxy statement/prospectus will be mailed to Qell's stockholders as of the record date established for voting on the proposed business combination. Interested parties will also be able to obtain copies of such documents, without charge, at the SEC's website located at www.sec.gov or by directing a request to Colleen Robar, Qell Acquisition Corp., 505 Montgomery Street, Suite 1100, San Francisco, CA 94111 or by telephone at +1 313-207-5960. No Representations or Warranties No representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will the Lilium Group or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources, as well as from research reports prepared for other purposes that the Lilium Group believes are reasonable. The Lilium Group has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness, and this data is subject to change. This presentation does not purport to be exhaustive or to contain all the information to make a full analysis of the Lilium Group or the Proposed Transaction. Except as otherwise required by applicable law, the Lilium Group disclaims any duty to update the information contained in this presentation. Forward-Looking Statements and Risk Factors This presentation contains certain forward-looking statements, including statements regarding the benefits of the Proposed Transaction, the anticipated timing of the Proposed Transaction, the Lilium Group's proposed business and business model, the markets and industry in which the Lilium Group intends to operate, the anticipated timing of the commercialization and launch of the Lilium Group's business in phases, the expected results of the Lilium Group's business and business model when launched in phases, and Lilium Group's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Such statements are based on management's belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on management's current expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. The Lilium Group will operate in a rapidly changing emerging industry. New risks emerge every day. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including, but not limited to, the following risks: (i) the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Qell's securities; (ii) the transaction may not be completed by Qell's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Qell; (iii) the parties fail to satisfy the conditions to the consummation of the transaction, such as Qell's shareholders or Lilium's shareholders failing to adopt the business combination agreement, failing to satisfy the minimum trust account amount following redemptions by Qell's public shareholders or an inability to secure necessary governmental and regulatory approvals; (iv) the lack of a third party valuation in Qell's determination to pursue the Proposed Transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the impact of COVID-19 on Lilium's business or the Proposed Transaction; (vii) the effect of the announcement or pendency of the Proposed Transaction on Lilium's business relationships, performance and operations generally; (viii) the inability to complete the PIPE investment in connection with the transaction; (ix) the Proposed Transaction disrupts Lilium's current business plans and operations or potential difficulties in Lilium employee retention as a result of the Proposed Transaction; (x) the outcome of any legal proceedings that may be instituted against the Lilium Group related to the Proposed Transaction; (xi) the Lilium Group's ability to obtain or maintain Qell's securities listing on the Nasdaq; (xii) the market price of Qell's and the post combination company's securities may be volatile due to a variety of factors, such as changes in the competitive environment in which the Lilium Group will operate, the regulatory framework of the industry in which the Lilium Group will operate, developments in the Lilium Group's business and operations, and changes in the capital structure; (xiii) the Lilium Group's ability to implement business plans, operating models, forecasts, and other expectations and identify and realize additional business opportunities after the completion of the Proposed Transaction; (xiv) general economic downturns or general systematic changes to the industry in which the Lilium Group will operate, including a negative safety incident involving one of the Lilium Group's competitors that results in decreased demand for the Lilium Group's jets or services; (xv) the Lilium Group and its current and future business partners will be unable to successfully develop and commercialize the Lilium Group's business, or experience significant delays in doing so; (xvi) the post-combination company may never achieve or sustain profitability; (xvii) the post-combination company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xviii) the post-combination company experiences difficulties in managing its growth, moving between development phases or expanding its operations; (xix) third-party suppliers, component manufacturers or service provider partners are not able to fully and timely meet their obligations or deliver the high-level customer service that the Lilium Group's customers will expect; (xx) the Lilium Group's jets not performing as expected, delays in producing the Lilium Group's jets or delays in seeking full certification of all aspects of the Lilium Group's jets, causing overall delays in the anticipated time frame for the Lilium Group's commercialization and launch; (xxi) the technology necessary to successfully operate the Lilium Group's business, as contemplated in the business models and financial forecasts, is delayed, unavailable, not available at commercially anticipated prices, not sufficiently tested, not certified for passenger use or otherwise unavailable to the Lilium Group based on its current expectations and anticipated needs; (xxii) any identified material weaknesses in the Lilium Group's internal control over financial reporting which, if not corrected, could adversely affect the reliability of the Lilium Group's financial reporting; (xxiii) product liability lawsuits, civil or damages claims or regulatory proceedings relating to the Lilium Group's jets, technology, intellectual property or services; (xxiv) the Lilium Group's inability to secure or protect its intellectual property; and (xxv) negative publicity about the Lilium Group, its employees, directors, management, shareholders, affiliated parties or Lilium's founders. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Lilium Group is not giving you any assurance that it will achieve its expectations. Lilium Analyst Presentation 2021 2#3Legal disclaimer (Cont'd) Use of Projections and Description of Key Partnerships This presentation contains Lilium's projected financial information, such as revenue, cost of goods sold, gross profit, operating capital expenditures, selling, general and administrative expense, EBITDA and gross margins through 2027. Such projected financial information constitutes forward-looking information based on management's reasonable expectations and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying projected financial information are necessarily inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information, as discussed above under "Forward-Looking Statements". Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The Lilium Group's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not and will not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. This presentation contains descriptions of some of Lilium's key business partnerships with whom Lilium has entered into feasibility studies, indications of interest, memorandums of understanding or other preliminary arrangements. These descriptions are based on the Lilium management team's discussions and the latest available information and estimates as of the date of this presentation. In each case, these descriptions are subject to negotiation and execution of definitive agreements which have not been completed as of the date of this presentation and, as a result, the nature, scope and content of these key business partnerships remain subject to change. Financial Information; Non-IFRS Financial Measures Some of the financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Registration Statement or other report or document Lilium Group files SEC. Some of the financial information and data contained in this presentation, such as Adjusted EBITDA, have not been prepared in accordance with IFRS. Management believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Lilium Group's financial condition and results of operations. Management believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in the Lilium Group's business and can assist investors in comparing the Lilium Group's financial measures to those of other similar companies, many of which present similar non-IFRS or non-GAAP financial measures to investors. Management does not consider these non- IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. You should review Lilium's audited financial statements in the Registration Statement for a presentation of Lilium's historical IFRS financial information. Participants in the Solicitation The Lilium Group and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Qell's shareholders in connection with the Proposed Transaction. Information regarding these deemed participants and their direct and indirect interests will be provided in the Registration Statement. You can find more information about the Lilium Group's directors and executive officers in the Registration Statement. No Offer or Solicitation This presentation is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Proposed Transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities the Lilium Group, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. Trademarks This presentation contains the trademarks, service marks, trade names and copyrights of the Lilium Group and other companies, which are the property of their respective owners. Graphic Representations Aircraft depicted in this presentation have been rendered utilizing computer graphics. The information contained herein is made as of June 15, 2021 and does not reflect any subsequent events. Lilium Analyst Presentation 2021 3#4Today's participants & agenda 1. Intro & Product 2. Technology 3. Certification & Supply Chain 4. Manufacturing 5. Business Model & Financials 6. Q&A Daniel Wiegand CEO & Co-Founder Alastair McIntosh CTO Yves Yemsi Chief Program Officer Dirk Gebser Chief Manufacturing Officer Geoff Richardson Alex Asseily CFO Chief Strategy Officer Chief Engineer A350 engines and MD Rolls- Royce Germany Inventor of Lilium aircraft architecture and propulsion expert ➡LILIUM R SVP Procurement & Supply Chain, VP Program Quality A350 AIRBUS VP Assembly for Airbus A320 & A380 AIRBUS flex. R CFO of GM Cruise, oversaw $7BN+ of Capital into Cruise cruise Goldman Sachs Founder of Jawbone, Founder of Elvie, CEO of Zulu Group. JAWBONE ZULU Morgan Stanley elvie Lilium Analyst Presentation 2021#5Key updates since merger announcement. Honeywell QPalantir luxaviation X M /Munich Airport Procurement of avionics, flight Planning to fly 5th generation control demonstrator & Tom Enders to become Chairman of Lilium Analytics for testing and supply chain control tower & Airline operations for Europe Major vertiport hub PIPE Investor¹ PIPE Investor¹ Note: Some contracts are in the process of being finalised into binding, definitive agreements Source: Press releases. Company information. 1. Future commitments through the PIPE - not current investors. 2. Future Chairman. Lilium Analyst Presentation 2021 LO#6A revolution in sustainable regional transport 300000 Lilium Analyst Presentation 2021#7Williamsport Albany Norwich Binghamton Pottsville Poughkeepsie Middletown Scranton 0 Allentown Reading Harrisburg Baltimore Washington Trenton Philadelphia Greenwich New York JFK Airport Springfield New Haven Launch Mid-term Providence Boston Real time savings & convenience drive customer value ~40 minutes - ~$200 ~2 hours time saving Montauk ~5 minutes - ~$65 ~40 minutes time saving ~30 minutes - ~$170 ~1+ hour time saving Source: Estimated pricing based on Lilium business plan. Note: 7-Seater: 2026E. Time calculations based on Lilium flight time with average speed of 155 mph. Time comparison based on average trip time by car according to Google Maps. New York used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Range refers to service range (service range = physical range minus reserves). Lilium Analyst Presentation 2021 7#8High-speed regional air network ~100x cheaper ~10x faster to deploy vs. ground transport infrastructure Zero Operating Emissions Source: Lilium Business Plan. European Court of Auditors. Management estimates. Note: Network based on mid-term range potential. These comparison to ground transport infrastructure is based on judgments and assumptions of our management in light of information available at this time; actual results may differ Palm Urban Access Landing closer to where you want to go Miami Palm Beach Beach ~$150 ~20 minutes ~5x faster than driving Miami Lilium Analyst Presentation 2021 00#9Market-leading performance & drives economics Fully Electric 7-Seater 175 mph Lower noise than competitors ~155 mile range Lower operating costs Leading passenger / cargo payload 5X faster than average car journey Regular urban landing Access to urban & regional routes Source: Architectural performance assessment of an eVTOL aircraft. Lilium engineering assessment. Management estimates. Note: Cruise speed based on Lilium engineering assessment assuming flight at 10,000 ft. Range refers to physical range (service range + reserves). Lilium Analyst Presentation 2021 9#10CABIN#11Lilium: market-leading passenger experience & safety Business jet cabin - familiar, spacious Lower vibration - smooth, pleasant ride 6 passenger seats - pass savings to customers TOLI + (十) Source: Architectural performance assessment of an eVTOL aircraft. Lilium engineering assessment. Management estimates. + Ultra redundancy - safer Fan blade loss containment - safer Fully electric - zero emissions Lilium Analyst Presentation 2021 11#12Accelerating delivery times 175 mph covers ~25 times larger area than truck - Low noise - easier access to urban warehouses Ultra redundancy - safer for cities and cargo 53.544180 P1R P1 CAUTION HEAD MOON USING EXS Source: Architectural performance assessment of an eVTOL aircraft. Lilium engineering assessment. Management estimates. + 9.946819 P2R - Large cabin: 6m^3 (210 ft^3) Highest eVTOL cargo payload + 12#13What people care about according to the regulators Challenges for UAM1 % Infrastructure Safety Noise 11.0 8.7 8.7 Customer needs are aligned with Lilium's strengths Technology Environmental impact Regulations Air Traffic Management Certification Communications Cost Economics Societal acceptance Public acceptance Legal framework Operations Public perception Security 8.1 7.5 6.9 4.0 4.0 4.0 3.5 3.5 3.5 2.9 2.3 2.3 2.3 2.3 1. Share of the 173 mentions regarding challenges (multiple per publication possible); Source: EASA Study on UAM 2021. ➤ EASA European Aviation Safety Agency Lilium Analyst Presentation 2021 13#14Decarbonization of transportation is inevitable Transportation contributes ~29% of US GHG emissions: Lilium CO2 reduction potential by 2030: ~3,000,000 tons CO2 p.a. LILIUM Source: International Energy Agency. Umweltbundesamt. Carbon Brief. European Parliament Research. Bloomberg NEF. US EPA. Lilium engineering data. Management estimates. Lilium Business Plan: 7-Seater 2030E. Lilium Analyst Presentation 2021 14#15Our team has built and shipped successful & complex aircraft Board Engineering Program & Certification Manufacturing Tom Enders Alastair McIntosh Brian Phillipson Chairman & Investor Chief Technology Officer Deputy Chief Technology Officer Luigi Moretti Chief Engineer Yves Yemsi Chief Program Officer Bhavesh Mandalia Head of Airworthiness CEO of Airbus Chief Engineer & MD of Rolls Royce Managing Director of BAE Systems Chief Engineer of NextGen Tiltrotor SVP Procurement & Head of Design Supply Chain, VP Program Quality at Airbus Organization at Boeing AIRBUS R BAE SYSTEMS Eurofighter Eur Typhoon AIRBUS PIASECKI Engines of Airbus A350 and Gulfstream G650 Source: Company Information. 1. Future Chairman. Dirk Gebser Chief Manufacturing Officer VP Aircraft Assembly, SVP Aerostructure at Airbus BOEING AIRBUS Previous roles EASA Harrier VTOL A350 Part 21J DOA A320 NextGen Tiltrotor Eurofighter Typhoon A380 A380 Lilium Analyst Presentation 2021 15#16Technology Alastair McIntosh Chief Technology Officer Formerly MD and Chief Engineer of Airbus A350 and Gulfstream G650 jet engines R Lilium Analyst Presentation 2021 16#17DEMONSTRATORS#18Ducted Electric Vectored Thrust (DEVT) Lilium's proprietary propulsion technology drives major advantages over open propeller eVTOL • Lower noise, lower vibration • Safer • Larger aircraft with more payload • Scalable Source: Architectural performance assessment of an eVTOL aircraft. Note: DEVT can scale to larger aircraft with more payload for same footprint and noise level. Lilium Analyst Presentation 2021 18#19Ducted fans need 10-15X less propulsion area than open propellers for the same aircraft Note: Footprint for same aircraft weight Source: Architectural performance assessment of an eVTOL aircraft. Lilium engineering assessment. Open propeller For open propeller configurations the footprint of the propellers is dominating the overall footprint Ducted Fan Lilium Analyst Presentation 2021 19#2015m Future Proof: DEVT also allows for higher payload aircraft in same footprint Open propeller 5-Seater competitor Cannot scale to heavier aircraft with more payload without significant increase in rotor tip- to-tip span (footprint) or noise levels Lilium 7-Seater Space for cargo: 6m³/210ft³ 1.5x larger passenger capacity and revenue potential vs. our competitor Lilium 16-Seater Space for cargo: 15m³/530ft³ 3.75x larger passenger capacity and revenue potential vs. our competitor EBE Source: Architectural performance assessment of an eVTOL aircraft. eVTOL.news. Lilium business plan. Note: Lilium 16-Seater projected to be launched by 2028. Lilium Analyst Presentation 2021 20 20 REDDDDDD#21Designed for highest safety standards 36 engines: safe landing even after multiple engine loss Crumple zones to protect passengers - - - 1 x 10-9 failure probability, like Airbus A350 Redundancy No single point of failure - Dissimilar and redundant computers Source: EASA. Lilium engineering. + 72 battery modules shielded from cabin 3 dissimilar flight control computers Honeywell supplied by Lilium Analyst Presentation 2021 21 27#22Lilium mission is regional transport - not to hover =3000m Climb segment Hover 10s Transition 20s Hover power. Power consumption ~30 minutes cruise segment Cruise power approximately 10% of hover power Source: Architectural performance assessment of an eVTOL aircraft. Descent segment Hover 20s (+60s for reserve) Retransiton 20s Lilium ~2X higher power consumption in hover than open propeller configuration Hover is only ~30 seconds, so energy use only ~5% more vs. open propeller per mission 22 22#23Low noise allows regular landings near communities Measured Lilium Jet ~60 dBA at 100m Open propeller eVTOL competitors ~60 dBA projected at 220m Helicopter ~60 dBA projected at 1km Due to noise impact... "out of 40 helipads only 1 is active in San Francisco" 60dBA is comparable to standing near a dishwasher Source: Management estimates. Architectural performance assessment of an eVTOL aircraft. Morgan Stanley. Note: Assumes similar aircraft weight for open propeller eVTOLS vs. Lilium's 7-Seater. 23#24Kicking-off flight test campaign of new demonstrator after thorough upgrade and testing Learnings from prior demonstrators, starting 2016 5-seater full scale demonstrator's first successful test campaign in 2019. Source: Lilium engineering. New capabilities engineered ONLY CNO TEST ONLY New 5th generation technology demonstrator launching its flight campaign Cumar Full thermal containment and venting system, switching to pouch cells from cylindrical cells Test campaign 2021 Lilium Analyst Presentation 2021 24#25Certification and Supply Chain Yves Yemsi Chief Program Officer Formerly SVP Procurement & Supply Chain, VP Program Quality A350 A350 AIRBUS A380 Lilium Analyst Presentation 2021 25 25#26We are progressing well in the concurrent type certification processes 2015 2016 | 2017 2018 2019 2020 2021 | 2022 2023 2024 Today Aircraft Concept & Technology Validation Start Certification Process Start Serial Aircraft Program Design Production & Ground Test Flight Test & Certification Global Market Access AVIATION N + A ININERAL STRATION Certification EASA applications European Aviation Safety Agency accepted EASA SC VTOL publication Low-volume production of Conforming Aircraft Type Certificate and Entry into service EASA CRI-A01 received Certification Basis agreed¹ Next step: FAA G01 Issue Paper Source: EASA. Company information. Management estimates. Note: Indicative, until EASA & FAA final rules for MoCs and Level of involvement are known: Lilium does not control regulatory timelines. (1) In 2020 received EASA CRI-A01 against current EASA SC-VTOL. Lilium Analyst Presentation 2021 26#27Tier 1 aerospace suppliers will deliver key sub-systems Selected examples: A ACITURRI Wings, Fuselage and Structures Source: Aciturri. Honeywell. Toray. + + Honeywell Avionics and Flight Control System 'TORAY' Toray Advanced Composites Composites Lilium Analyst Presentation 2021 27#28Q Palantir Developer of a leading software for data driven decisions We are working with Palantir to help develop our enterprise operating system Optimized testing Source: Palantir Now Enterprise Operating System QPalantir & Supply chain Predictive maintenance Future Flight Operations Lilium Analyst Presentation 2021 28#29Battery strategy Battery requirements Safety Cell technology - High energy density > High power density for take-off and landing Fast charging Long lifetime Industrialisation: Mass production Source: Management estimates. Third party battery supplier. Architectural performance assessment of an eVTOL aircraft. Lilium Battery Team. Lilium progress Full thermal runaway containment in a module of demonstrator Silicon-anode lithium-ion pouch technology secured exclusively: >330 Wh/kg, enabling ~155mi range Power levels of 2.8 kW/kg 15 minutes to 80%, 30 minutes to 100% - > 800 standard charge/ discharge cycles Leverage standard battery cell production lines Lilium Analyst Presentation 2021 29#30| PARTNERS#31Manufacturing Dirk Gebser Chief Manufacturing Officer Formerly VP Aircraft Assembly, SVP Aerostructure at Airbus, Manufacturing director of engines Rolls Royce A320 A380 R AIRBUS CILIUM um Analyst Presentation 2021 31#32Manufacturing Strategy: Phased approach to achieve quality & scale 2021-2023: Prototyping and Type Certification www Core factory capability for initial series production - at Munich HQ Approval of production organization Sourcing from certified Tier 1 aerospace suppliers Source: Lilium Business Plan. Note: Image in right column is no actual representation of Lilium factory. - 2023 - 2025: 2026 +: Initial production near engineering Start of global production with 3rd parties In-house factory for capacity of 400 units p.a. — on site Limited initial investment with focused level of automation - Capex light manufacturing strategy Factories built by 3rd parties with Lilium's support and blueprint Lilium Analyst Presentation 2021 32 32#33100,000 ft² prototype manufacturing facility in place at HQ in Munich ~150 production engineers and technicians with 2000+ years of automotive/ aerospace experience Fast prototyping capabilities for 80 core processes in-house: machine shop, metrology lab, 3D-print, and 130 fast make suppliers Source: Lilium manufacturing. Note: Prototype manufacturing. ROLLS Former employers of our production organization Continental LAND- -ROVER VOLVO Pwc JAGUAR RSSAFRAN AIRBUS BOEING EMBRAER Audi ROYCE#34Comprehensive testing facilities Rapid development cycles and acceleration of the certification program - | | | Propulsion and acoustic testing Energy system testing Environmental testing Structural testing Impact testing Electrical testing System integration laboratory Source: Lilium testing and engineering. 00000 Applus stor#35Aircraft designed for manufacturability & scale One type of e-motor One type of actuator - - Automated, high-quality assembly of engines, actuators and batteries 30x fewer parts than commercial airliner: <100k projected parts1 of the Lilium jet vs ~3M² Source: (1) Management estimates. (2) Boeing. Lilium engineering. One type of battery module Lilium Analyst Presentation 2021 35#36Business Model and Financials Geoff Richardson Chief Financial Officer Former CFO of Cruise, oversaw $7BN+ of Capital into Cruise cruise Goldman Sachs Morgan Stanley Vertiport render with Ferrovial#37Analysts project that investors are not prepared for the scope of this revolution 2021 - VTOL market $35 Billion יה - - A fundamentally better product radically expands the VTOL market (e)VTOL will absorb segments that are slow, inefficient, or too costly: ■Long car journeys ■Regional trains Regional flights ■ Expensive helicopter / jet charters ■ Limited 24 hr delivery Source: Morgan Stanley. Goldstein Market Research. Management estimates. 2040 (e)VTOL market $1 Trillion Analysts project UAM to reach $9TN TAM by 2050, moderately lower than global TAM of the light passenger vehicle mobility market today#38Lilium is setup for global market access FEDERAL AVIATION ADMINIST RATION Launch Launch EASA European Aviation Safety Agency Tencent 腾讯 Source: Lilium Business Model. Note: Certification in process, not yet obtained. Lilium Analyst Presentation 2021 38#39We will access two complementary business lines. Lilium Network (B2C) Turnkey Enterprise Sales (B2B) AIRLINE PIR P1 53544180 Selling tickets on Lilium's own passenger networks operated by certified air carriers Selling fleets of aircraft with arranged service & maintenance support to corporates & governments Source: Lilium Business Model. Lilium Analyst Presentation 2021 39#40Our commercial ecosystem will support our business to deliver quality and scale in our operations Infrastructure ferrovial TAVISTOCK T DEVELOPMENT COMPANY Source: Tavistock. Ferrovial. Lufthansa Aviation Training. Luxaviation. Note: Some contracts are in the process of being finalised into binding, definitive agreements Pilot Training lum Lufthansa Aviation Training Airline (AOC) Operations (EU) luxaviation X Lilium Analyst Presentation 2021 40 40#41Vertiport network planned for Florida launch ~$200m of commitments 10 sites incl. international airports planned in Florida exclusive to Lilium Responsibilities - Secure sites Construction - Permitting - Ground Operations Tampa St. Petersburg Sarasota Fort Myers Daytona Orlando Melbourne ferrovial Port St Lucie West Palm Beach - Leading transport infrastructure developer and operator Developed and operate 33 airports incl. Heathrow Naples Fort Lauderdale Lilium pays landing fees upon commencement of site operations Potential to extend to other regions in US and Europe $600m revenue projected with 125 jets in operation Source: Ferrovial. Lilium Business Plan. Key Largo Miami Lilium Analyst Presentation 2021 41 11#42In 2026, a single jet is expected to generate ~ $5M revenue potential in the Lilium Network Operational parameters ~25 ~60 miles Flights per day per jet Average trip distance ~10 hrs 10% Monetization 4.5 out of 6 Passenger seats filled ~ $15,000 2 Daily revenue per jet $5M Annual revenue per jet - $2.25 2 Price per passenger mile Daily hours spent in flight Annual downtime for maintenance and training 2 2 500,000 mi Annual revenue generating vehicle miles per jet Source: Lilium business plan. Management estimates. Note: 7-Seater: 2026E. Figures converted at USD/EUR of 1.21. 2 ~ $10 Revenue per vehicle mile Lilium Analyst Presentation 2021 42 42#43Attractive pricing for the customer In $ per passenger mile Assuming 4.5 passengers per flight Sensitivity Price per passenger mile Margin Payback (years) ~$1.75 2.25 $/mi > ~25% ~2.0 ~$2.25 ~25% 2.50 $/mi > ~32.5% ~1.8 ~$0.50 Price Full cost Margin 2.75 $/mi > ~40% -1.6 Per passenger mile Source: Lilium business plan. Note: 7-Seater: 2026E. Figures converted at USD/EUR of 1.21. 3.00 $/mi ر ~47.5% ~1.4 Lilium Analyst Presentation 2021 43#4450% of cost base is independent of aircraft size In $ per passenger mile. Assuming 4.5 passengers per flight Key stats Battery replacements: Every 4 months $0.4 Infrastructure Pilots per jet p.a.: Lifetime per jet: 4.5 8 years Jet unit cost: $2.5M $0.3 Pilots $0.1 Data cost, AOC / Air Traffic Fees $1.75 $0.2 Maintenance & Spares Energy systems ~10% $0.2 Tax $0.1 Depreciation $0.1 Customer acquisition $0.1 Battery replacements $0.1 Energy Avionics and flight controls ~20% Full cost per available seat mile Fixed Variable ~50% ~50% Source: Lilium business plan. Management estimates. Note: 7-Seater: 2026E. Figures converted at USD/EUR of 1.21. Assembly ~5% Propulsion system ~40% Structure and interiors ~25% Lilium Analyst Presentation 2021 44#45Enterprise sales de-risk the business through immediate payback of the jet and revenue predictability Upfront payment Aftermarket support (per annum) Jet payback period Lifetime profit per jet ~ ~ $4M $1M immediate ~ $5M Replacement parts and aircraft servicing Software tools for safe and efficient operations incl. aircraft health monitoring platform with QPalantir Source: Lilium business plan. Palantir. Note: 7-Seater: 2026E. LT profit calculated as upfront payment minus initial costs plus annual service margin lifetime of jet (equal to 8 years). Figures converted at USD/EUR of 1.21. Aircraft health monitoring platform still under development. Lilium Analyst Presentation 2021 45 45#46Financial profile $M Production volume (50%-50% allocation) Profit & Loss items People Network Turnkey Enterprise Solution Total Revenue % Growth COGS¹ OPEX & SGA Adjusted EBITDA2 % Margin Selected cash flows Operating cash flows Capex³ % Revenue Capital Investments in Lilium Network fleet % Revenue 2021B 2022E 2023E 2024E 2025E 2026E 2027E 90 325 600 950 29 496 1,709 3,214 217 818 1,597 2,653 246 1,314 3,306 5,867 nm 435% 152% 77% (169) (881) (2,041) (3,668) (173) (182) (197) (257) (364) (557) (760) (173) (182) (197) (180) 70 708 1,440 nm nm nm nm 5% 21% 25% (173) (182) (197) (197) 39 521 1,060 (48) (67) (65) (61) (108) (45) (114) nm nm nm 25% 8% 1% 2% (127) (448) (749) nm nm nm 52% 34% 23% (1,152) 20% Source: Lilium business plan. Management estimates. Note: Converted at USD/EUR of 1.21. (1) include direct aircraft operating and maintenance cost, as well as vehicle cost of aircraft sold via B2B channel. (2) Adjusted EBITDA is defined by us as revenue for the period presented plus other income less cost of sales, research and development expenses, general and administrative expenses, selling expenses and other expenses not considering share-based payment compensation, and costs and other one-time items related to the Business Combination. Adjusted EBITDA is not a financial measure prepared in accordance with IFRS and should not be considered a substitute for net income (loss) prepared in accordance with IFRS. (3) Investments for manufacturing capex, supplier NRCS, engineering, testing and certification, and small per head investments. (4) Lilium assumes external financing will be obtained to cover these investments. Lilium Analyst Presentation 2021 46 46#47This transaction is intended to fund to launch of commercial operations Round timing and size Raising $830M of total gross proceeds ($450M in PIPE Investments, and may have access to up to ~$380M currently held in Qell trust - subject to Qell investors' right of redemption) Business combination expected to close in mid Q3-2021 Use of proceeds Finalize German factory for serial production - Launch serial production aircraft - Complete Type Certification process Production & engineering capex ~$200M, 25% Go-to-market ~$100M, 12.5% - Launch global revenue generating business. Talent & Infrastructure ~$500M, 62.5% Source: Lilium business plan. Management estimates. Note: The process to get to entry into service might be delayed, require more funds as expected and is subject to various risks of unexpected developments. Lilium Analyst Presentation 2021 47#48Strong and experienced board Barry Engle Director Tom Enders Chairman¹ CEO, Qell Formerly: President, GM North America, President, GM International CEO, Ford Canada; President Ford Brazil Qell Acquisition Corp gm ///Agility Ford fuel solutions Formerly: CEO of Airbus SE, CEO of Airbus Commercial Aircraft Division AIRBUS Deep experience and networks across mobility and emerging technology sector Proven track record in scaling and industrializing businesses Source: Company information. 1. Future Chairman. David Wallerstein Director Niklas Zennstrom Director 2X Independent Board Members CXO, Tencent Founding Partner and CEO, Atomico Founder, Skype Including Audit Chair Tencent 腾讯 atomico° S Skype Lilium Analyst Presentation 2021 48#49Leading ecosystem of commercial contractors, suppliers and investors Commercial contractors ferrovial TAVISTOCK DEVELOPMENT COMPANY Lufthansa Aviation Training M /Munich Airport luxaviation X 4182 Köln Bonn Airport Tier 1 supplier and software provider Honeywell Global investors 1 BAILLIE GIFFORD Honeywell QPalantir BlackRock Palantir 1 'TORAY' Toray Advanced Composites N ALBRECHT DURER AIRPORT NÜRNBERG Düsseldorf Airport DUS ▲ ACITURRI Note: Investors include current and future investors. 1) future commitments through the PIPE - not current investors Source: Company filings. LGT Tencent 腾讯 1 atomico° ferrovial Lilium Analyst Presentation 2021 49 49#50Lilium's key investment highlights Differentiated technology Scalable, safe, low noise Dual certification EASA & FAA with certification basis agreed with EASA Team of aerospace professionals Deep experience in execution & delivery of major commercial aircraft Certified Tier 1 aerospace suppliers De-risks execution for quality, cost, and time to market Regional business model Launch plans in place, strong unit economics LILIUM A revolution in sustainable regional transport#51Thank You